I mean eve is a game to do what you want right? be a pirate, be a miner etc etc… Im new and for some reason im addicted to hauling, and this one time im moving cargo for a reward of 1 million isk, and a collateral of 5 million isk, and i completed it and turned in the contract, but the cargo i was hauling was worth around 7 million isk…

I completed it but… what was to happen if i just stole the loot and sold it?
and with higher amounts of isk?
i lose my collateral but if i make more whats to stop me?
does it stop me doing contracts, or does it just inform them and let them place a bounty on me or something,
Pirate life sounds fun.

If you break the package or don’t deliver on time, then you forfeit the collateral and you keep the goods. And of course you don’t get paid the reward. The person who issued the contract will know it’s been taken and broken.

Don’t make rush decisions, though, some scams are possible with contracts. A few of them involve PVP’ing you along the route, or contracts to places you can’t deliver, but it’s also possible to manipulate the EVE market to show inflated prices for items that don’t sell in huge quantities, and it’s also possible for a buyer to cancel all his buy offers from the market (as soon as they see that you broke the contract).

I admit I do not know the answer, never did much contract hauling and never had the desire to steal what might be a useless package, with that out let me ask the question.
Does the crime watch system consider taking items from a haul contract as stealing?
If it does then appropriate flags would be applied to your character.

If you steal a haul contract be ready for what may follow.
Gankings, war decs, characters name spread around as a do not hire to name just a few.

Nothing’s going to follow. Just crack open the package and enjoy the nice gambling feeling. You win some you lose some, but you will be amazed how many people put nowhere near the actual value of their package as collateral, thinking they are saving money.

As a new player, I did a little contact lucky dipping. It was definitely fun to pick up all the 5m collateral contracts and look to see what was in my new lockboxes.

There are no consequences beyond sacrificing the collateral, or the person selling revenge.

I actually made more ISK by lying and telling people I found three different billion ISK rewards in low collateral contracts, then setting up dozens of them myself with utter trash and getting others to lucky dip them.

Does the crime watch system consider taking items from a haul contract as stealing?

No. Crimewatch has no flag related to failing a contract (stealing isn’t the only way a contract can be failed…eg. scam contracts are deliberately designed to make the hauler fail them).

If you fail a contract, the record of that contract in your history (accessible by API check) shows the contract as failed, but that’s it.

You lose the collateral and keep the goods. If the goods are worth more than the collateral + sales taxes, you are in front if you steal the package, but best to do all contact management (accepting and failing) on an alt rather than your hauling character (which is also true even if you are an honest hauler).